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February 27, 2024JAPAN CPI INFLATION, JANUARY 2024 
Japan’s inflation (all items, year-over-year growth in consumer price index) increased by 2.1% in January. Japan's underlying inflation (all items excluding fresh food and energy) increased to 3.5%.
Japan's energy prices were down 12.2% in January 2024 compared with January 2023. Japan's food inflation increased 5.7% over this period.
Japan had highest inflation at the end of 2022 and the beginig of 2023, but lower than inflation in Canada. Inflation in Canada and Nova Scotia started coming down sooner than in Japan and in the spring and summer of 2023, inflation in Canada and Nova Scotia was lower than inflation in Japan. In recent months, the inflation rate in Japan has come down more than in Canada.
Sources: Japan Statistics Bureau - Consumer Price Index; Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted; Table 18-10-0005-01 Consumer Price Index, annual average, not seasonally adjusted
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